Marriott CEO Has Bad News for Your Summer Vacation

Along with soaring food prices and soaring energy bills, hotel prices are another victim of rampant inflation throughout most of 2022. One account found that between June 2019 and 2022, the average hotel stay increased by 226% in New York, and 200% in Chicago . and 196% and 189% in Miami and Boston.

Expensive megacities aside, another estimate found that hotel rates across the US rose 19% last year.

While the overall demand for travel remains high, rising costs and fear of recession have put a damper on travel. According to Deloitte, only 31% of Americans planned to take a trip between Thanksgiving and mid-January, while last year that number was 42%.